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Artemis VCT plc

All data as at 28 February 2017 except where specified
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The fund’s aims

The company’s objective is to achieve long-term capital and income growth and to generate tax free capital and income distributions.

Investment policy

The company's policy is to invest in a diversified portfolio of growth orientated companies across a broad range of industries, with a particular emphasis on companies whose shares are traded on AiM. Investments will also be in companies whose shares are traded on ISDX markets and unquoted companies. The company's portfolio is managed in order to meet the requirements of section 274 of the Income Tax Act 2007 that, inter alia, require at least 70% of the investments to be qualifying holdings, of which 30% must be in eligible shares. Subject to maintaining a prudent margin of safety over the 70% level, the company's remaining assets may be invested in cash or money market deposits, fixed interest securities, unit trusts or UK listed securities without regard to the market capitalisation of such companies.

Ordinary shares

Share price (ordinary)66.50p
Net asset value74.22p
(Discount)/Premium on diluted NAV(10.4)%

Important security alert

Artemis has been made aware of some shareholders receiving telephone calls from individuals claiming to be brokers who wish to purchase VCT shares at a significant premium in exchange for a bond. So far as Artemis is aware, this offer is not genuine.
Should you receive any calls similar to this, please let us know by calling our Client Services Team on 0800 092 2051.
You may also wish to notify the Financial Conduct Authority or the Metropolitan Police.
For more information on share fraud and boiler room scams please see the following from the FCA.'Important security alert

Fund manager’s update

February saw further encouraging trading updates from several of our larger holdings. Helped by a combination of strong like-for-like growth and the contribution from the eight acquisitions it completed during the year, Keywords Studios closed out the 2016 financial year with revenues and profits comfortably ahead of expectations. At the start of 2016 expectations were for profit before tax of €9.6m so the company’s management deserves great credit for delivering €14.8m.

At the start of 2016 expectations were for profit before tax of €9.6m so the company’s management deserves great credit for delivering €14.8m.

Our newest holding, ECSC Group, reported a good end to the year. Coming so soon after its IPO we would have been disappointed if it had been otherwise but it was still good to hear and provides a strong platform for further growth through 2017.

2016 was a year of transition for animal feed business Anpario, which made a strategic shift towards a more direct sales approach. Changes such as this always brings with it execution risk so an update confirming trading was in line with expectations was welcome news.

Coming so soon after the announced retirement of CEO Rod Jones it was also reassuring to hear Proactis confirm that results for the first six months of its financial year were in line with expectations. New business is strong with talk of an encouraging pipeline of new deals.

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Risk warnings

THIS INFORMATION IS FOR PROFESSIONAL ADVISERS ONLY and should not be relied upon by retail investors.

The fund may have a concentrated portfolio of investments.

The fund may invest in the shares of small and medium sized companies.

Investing in a venture capital trust (VCT) carries a higher risk than many other forms of investment. Potential investors are therefore strongly advised to seek professional advice. In particular, shares in a VCT may be difficult to sell. Tax policy towards VCTs may change and any tax relief may depend on an individual's circumstances.

Any research and analysis in this communication has been obtained by Artemis for its own use. Although this communication is based on sources of information that Artemis believes to be reliable, no guarantee is given as to its accuracy or completeness.

Any forward-looking statements are based on Artemis’ current expectations and projections and are subject to change without notice.

Issued by Artemis Fund Managers Ltd which is authorised and regulated by the Financial Conduct Authority.

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